CrossAmerica Partners LP announced that Maura Topper, its Chief Financial Officer since August 11 2021, will become President and CEO of the General Partner effective March 2 2026. The appointment follows six years of leadership by Charles Nifong, who will transition to an executive role within the Topper family’s affiliate, Dunne Manning Holdings LLC.
Topper’s promotion is intended to sustain the partnership’s growth trajectory as it continues to shift from a wholesale‑centric model toward a higher‑margin retail‑focused portfolio. Her financial stewardship and operational experience are expected to drive the next phase of the company’s retail conversion strategy, which has already produced record real‑estate divestitures and a significant deleveraging program under Nifong.
The leadership change comes after a strong Q4 2025 earnings report that beat expectations. Net income rose to $10.2 million, and Adjusted EBITDA reached $43.4 million, up from $16.9 million and $35.5 million in Q4 2024, respectively. Revenue of $866.3 million also exceeded the $763.0 million consensus estimate, driven by a 19% expansion in retail margin per gallon to $0.449, offsetting a 7% decline in fuel volume.
Management highlighted that the company’s retail conversion has generated higher margins, with the retail segment’s gross profit increasing 10% year‑over‑year in Q4 2025 to $82.9 million. The company’s leverage ratio improved to 3.51x at year‑end 2025 from 4.36x in 2024, reflecting the impact of asset sales that generated $103.3 million in proceeds and $45.9 million in net gains.
Looking ahead, CrossAmerica plans to continue site divestitures and conversions at a reduced pace in 2026, using proceeds to strengthen the balance sheet and fund growth. The transition to a retail‑focused model is expected to sustain profitability while the company navigates ongoing headwinds such as declining fuel volumes and pricing volatility.
"I appreciate the trust that the Board has placed in me to lead CrossAmerica as its President and CEO. I sincerely thank Charles for his leadership, and for his mentorship of me and our entire team," said Topper. "It has been an honor to serve as President and CEO of the Partnership for the past six years. I am proud of the progress CrossAmerica has made and look forward to the continued success of this enterprise over the long term," added Nifong.
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